Thomas Cook has announced a 15 per cent narrowing of its first half losses and reaffirmed full-year targets and that chief financial officer Ludger Heuberg is standing down for personal reasons.
The tour operator, created from the merger of MyTravel and Thomas Cook AG, said its pro forma pretax loss from operations, before interest and excluding exceptional items, amortisation and its share of the results of joint ventures, fell to £177.5 million from £209.4 million the year previously.
Revenues lifted 7.5 per cent to £2.96 billion and the group declared a 3.25 pence per share interim dividend against nil last year.
Thomas Cook also said that, following regulatory delays, it is reviewing the 'feasibility' of the planned sale of its German airline Condor to rival Air Berlin.
Chief executive Manny Fontenla-Novoa said trading for this summer remains strong in all the group's major markets despite the current tough economic conditions and it is in 'a very good position for the summer season.'
The company's longer term strategy is on track, its merger savings are coming through and it continues to target £480 million of operating profit in 2009/10, he said.
'I remain confident we will achieve our goals for this year,' Ms Fontenla-Novoa said.
The group said Heuberg will step down for personal and family reasons and Juergen Bueser would replace him from July 1.
It said group fuel requirements for the remainder of this financial year are hedged to 100 per cent for crude and 93 per cent for jet fuel.
Group foreign currency requirements for the remainder of this financial year are hedged to 100 per cent.
